Maxwell Technology (300751.SZ): High Solar Cell & Semiconductor Equipment Demand; Expensive on PE

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Maxwell Technology (300751.SZ): High Solar Cell & Semiconductor Equipment Demand; Expensive on PE

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22 Jun 2026 00:29:46 ET │ 23 pages

Maxwell Technology (300751.SZ)

High Solar Cell & Semiconductor Equipment Demand; Expensive on PE

CITI'S TAKE

We raise our Maxwell 2027-28E net profit estimates by 107-114%, factoring

in high expectation for its order intake this year, as guided by the company,

owing to (i) overseas HJT solar cell capacity expansion; and (ii) ramp-up of Sell

semiconductor and display equipment sales. Specifically, we assume its Price (18 Jun 26 15:00) Rmb220.640

solar equipment orders to reach Rmb6.0bn (up >50% yoy) in 2026E and

semi equipment orders to double yoy to Rmb3.5-4.0bn this year. We also Target price Rmb165.000↑

believe its margin could expand, including +22.5ppts yoy to 50.9% in 1Q26, from Rmb120.000

on a higher sales mix from overseas and the semi equipment business. Our Expected share priceDCF-based target price is +37.5% to Rmb165/share after the earnings -25.2%

upgrade, but we keep our Sell rating since Maxwell’s 48.0x 2027E PE looks return

high to us despite a 57.3% 2026-28E EPS CAGR. Expected dividend yield 0.2%

Expected total return -25.0%

More HJT solar equipment demand; wild card from space solar — We assume Market Cap Rmb61,537MMaxwell’s solar equipment orders to exceed its target of Rmb6.0bn in 2026E, up

more than 50% yoy from less than Rmb4.0bn in 2025, with solid new order flow US$9,091M

year-to-date according to management. The new orders were mostly from abroad,

for HJT solar cell equipment. Unit values are Rmb400-500m/GW for the HJT cell

production lines. We regard HJT technology a popular candidate for future space-

based solar application given its advantages of lightweight and competitive cost. Price Performance